As mentioned earlier this morning, the short setups in the range of 3080-3120 are a bit risky trades to take. At the end of today after price has had time to ground itself we can see that it was indeed a bit risky to take short trades.
Because of the number of circles of support and resistance in this area, at times it becomes increasingly difficult to say exactly which circles is price targeting its movement.
Right now the blue circle has been providing support and if situation progresses along the boundaries of the blue circle, we will see the dotted black circle being broken followed by a break of the pink bubble at top.
This will put us back in bullish territory
If the blue circle gets broken, then we will dive to 3000 - 3020 level.
Because of the number of circles of support and resistance in this area, at times it becomes increasingly difficult to say exactly which circles is price targeting its movement.
Right now the blue circle has been providing support and if situation progresses along the boundaries of the blue circle, we will see the dotted black circle being broken followed by a break of the pink bubble at top.
This will put us back in bullish territory
If the blue circle gets broken, then we will dive to 3000 - 3020 level.